The Federal Reserve Bank of New York released a report on Tuesday showing a modest increase in regional manufacturing activity in the month of February.
The New York Fed said its general business conditions index edged down to 7.1 in February from 7.7 in January, but a positive reading still indicates growth. Economists had expected the index to dip to 6.0.
Looking ahead, the New York Fed said firms continue to be optimistic about the outlook, with the index for future business conditions climbing to 34.7 in February from 30.3 in January.
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